Unsecured and Secured Indebtedness (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Unsecured and Secured Indebtedness

The following table discloses certain information regarding the Company’s unsecured and secured indebtedness (in millions):

	Carrying Value at December 31,						Interest Rate^(A) at December 31,		Maturity Date at
	2021			2020			2021	2020	December 31, 2021
Unsecured indebtedness:
Senior notes^(B)	$	1,460.0		$	1,460.0		3.375%–4.700%	3.375%–4.700%	May 2023– June 2027
Senior notes – discount, net		(3.1	)		(4.0	)
Net unamortized debt issuance costs		(5.1	)		(6.4	)
Total Senior Notes	$	1,451.8		$	1,449.6

Term Loan	$	100.0		$	100.0		1.1%	1.1%	January 2023
Net unamortized debt issuance costs		(0.2	)		(0.4	)
Total Term Loan	$	99.8		$	99.6

Secured indebtedness:
Mortgage indebtedness – Fixed Rate	$	126.5		$	153.8		4.2%	4.4%	September 2022– May 2025
Mortgage indebtedness – Variable Rate		—			96.5		N/A	2.3%	N/A
Net unamortized debt issuance costs		(0.7	)		(1.0	)
Total Mortgage Indebtedness	$	125.8		$	249.3

(A)

The interest rates reflected above for the senior notes represent the range of the coupon rate of the notes outstanding. All other interest rates presented are a weighted average of the outstanding debt. Interest rate on variable-rate debt was calculated using the base rate and spreads in effect at December 31, 2021 and 2020.

(B)	Effective interest rates ranged from 3.5% to 4.8% at December 31, 2021.

Schedule Principal Payments

The scheduled principal payments of the Revolving Credit Facilities ($0 at December 31, 2021, Note 8) and unsecured and secured indebtedness, excluding extension options, as of December 31, 2021, are as follows (in thousands):

Year	Amount
2022	$	36,032
2023		223,573
2024		93,349
2025		481,204
2026		398,556
Thereafter		449,554
		1,682,268
Unamortized fair market value of assumed debt		1,165
Net unamortized debt issuance costs		(6,056	)
Total indebtedness	$	1,677,377

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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+ Details